Real Madrid, Manchester United continue to be the most valuable European clubs: KPMG study

Real Madrid and Manchester United continue to be the most valuable football clubs in Europe, according to a study by accountancy firm KPMG. Real Madrid lead the list of Europe's 32 most valuable teams with a valuation of nearly € 3.478 billion. The valuation is as of 1 January, 2020. United come in second place with € 3.342 billion.Barcelona, Real Madrid's arch rivals, have leapfrogged Bundesliga champions Bayern Munich into third place at € 3.193 billion according to KPMG's internal enterprise value formula which considers profitability, popularity, sporting potential, TV rights and stadium ownership.[caption id="attachment_8425261" align="alignnone" width="825"] Top-10 clubs by value as per a KPMG study. Image: KPMG report[/caption]Real Madrid have seen a 7.9 per cent year-on-year change in valuation while going up € 254 million in comparison to 2019. The report pegged Real's dominance on increased commercial revenue and three straight Champions League titles.European champions Liverpool have climbed two places to fifth for a huge 26.9 per cent change to be valued at € 2.658 billion.The top-five leagues (Premier League, LaLiga, Bundesliga, Serie A and Ligue 1) dominate the list with 27 clubs. England tops with nine clubs and six coming in the top-10.For the first time since the study was published in 2016, no Italian team has figured in the top-10 with Serie A leaders Juventus dropping to 11th. Seven-time Champions League winners AC Milan are the only club to have seen a drop in value in the four years.[caption id="attachment_8425271" align="alignnone" width="825"] List of most valued European clubs by a KPMG study. Image: KPMG report[/caption]In terms of valuation growth, French side Olympique Lyonnais have grown the highest by a staggering 193 per cent over the four years followed by Tottenham, Inter Milan, PSG and Liverpool. On the other end of the spectrum, AC Milan are the worst off with Arsenal showing the second-lowest four-year growth alongside United, Barcelona and Everton.